Financial Statements — BTAI
Balance Sheet
(in millions USD)| Metric | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 | Q3
2022 | Q2
2022 | Q1
2022 | Q3
2021 | Q2
2021 | Q1
2021 |
|---|
| Cash & Equivalents | 17.18 | 36.18 | 17.43 | 31.01 | 40.39 | 56.27 | 74.14 | 89.96 | 127.55 | 165.52 | 232.31 | 233.45 | 200.44 | 252.91 | 273.06 | 194.02 |
| Accounts Receivable | 0.22 | 0.00 | 0.02 | 0.13 | 0.00 | 0.81 | 0.38 | 0.74 | 0.43 | 0.28 | -- | -- | -- | -- | -- | -- |
| Inventory | 0.50 | 0.46 | 0.51 | 0.64 | 1.53 | 2.68 | 2.44 | 2.02 | 1.93 | 1.95 | 1.41 | 1.40 | 0.68 | -- | -- | -- |
| Total Current Assets | 33.91 | 44.40 | 25.24 | 37.78 | 47.79 | 64.18 | 80.92 | 98.74 | 138.24 | 177.27 | 241.66 | 244.92 | 207.56 | 256.93 | 276.66 | 196.78 |
| Property, Plant & Equipment | 0.12 | 0.25 | 0.32 | 0.40 | 0.55 | 0.63 | 0.71 | 0.86 | 0.94 | 1.00 | 1.19 | 1.27 | 1.34 | 1.34 | 1.44 | 1.53 |
| Total Non-current Assets* | 0.12 | 0.39 | 0.55 | 0.79 | 1.10 | 1.25 | 1.41 | 1.71 | 1.86 | 2.84 | 3.16 | 3.31 | 3.48 | 4.40 | 4.45 | 3.61 |
| Total Assets | 34.03 | 44.79 | 25.79 | 38.57 | 48.89 | 65.44 | 82.32 | 100.45 | 140.10 | 180.10 | 244.82 | 248.24 | 211.05 | 261.33 | 281.11 | 200.39 |
| Accounts Payable | 16.25 | 16.28 | 16.69 | 15.45 | 14.89 | 13.26 | 17.22 | 10.67 | 11.20 | 7.74 | 5.87 | 6.02 | 5.07 | 3.44 | 2.50 | 5.31 |
| Total Current Liabilities | 54.99 | 37.80 | 33.38 | 25.55 | 25.56 | 27.29 | 31.48 | 39.41 | 34.74 | 28.76 | 23.38 | 20.00 | 16.00 | 14.60 | 12.44 | 12.32 |
| Long-term Debt | 100.29 | 109.13 | 108.69 | 105.53 | 104.44 | 103.01 | 101.63 | 99.09 | 96.85 | 95.06 | 91.70 | 61.08 | -- | -- | -- | -- |
| Total Non-current Liabilities* | 84.57 | 95.91 | 100.08 | 103.19 | 108.97 | 112.45 | 123.21 | 101.65 | 99.49 | 98.34 | 94.45 | 63.98 | 1.03 | 1.18 | 1.25 | 1.33 |
| Total Liabilities | 139.57 | 133.71 | 133.46 | 128.74 | 134.53 | 139.74 | 154.69 | 141.06 | 134.23 | 127.10 | 117.83 | 83.97 | 17.02 | 15.78 | 13.70 | 13.65 |
| Retained Earnings | (732.78) | (707.55) | (676.64) | (657.45) | (639.34) | (625.69) | (617.39) | (568.34) | (517.86) | (464.34) | (356.74) | (314.93) | (277.26) | (219.66) | (192.85) | (165.23) |
| Total Stockholder Equity | (105.54) | (88.92) | (107.67) | (90.17) | (85.63) | (74.30) | (72.36) | (40.61) | 5.86 | 53.01 | 126.99 | 164.26 | 194.02 | 245.56 | 267.41 | 186.74 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 | Q2
2021 |
|---|
| Total Revenue | 0.21 | 0.26 | 0.10 | 0.12 | 0.17 | 0.37 | 0.21 | 1.10 | 0.58 | 0.38 | 0.34 | 0.46 | 0.21 | 0.24 | 0.14 | -- | -- | -- | -- | -- |
| Cost of Revenue | 0.28 | 0.03 | 0.01 | 0.11 | 0.01 | 0.83 | 1.17 | 0.06 | 0.08 | 0.71 | 0.51 | 0.03 | 0.01 | 0.01 | 0.01 | -- | -- | -- | -- | -- |
| Gross Profit | (0.08) | 0.22 | 0.09 | 0.01 | 0.15 | (0.46) | (0.96) | 1.04 | 0.50 | (0.34) | (0.17) | 0.43 | 0.20 | 0.23 | 0.13 | -- | -- | -- | -- | -- |
| Research & Development | 2.96 | 6.70 | 8.74 | 10.26 | 4.55 | 5.90 | 5.10 | 8.03 | 11.40 | 9.93 | 19.62 | 26.97 | 27.80 | 32.71 | 22.06 | 17.91 | 18.56 | 12.53 | 11.93 | 13.51 |
| Selling, General & Admin | 7.19 | 3.81 | 5.38 | 5.61 | 5.70 | 4.10 | 7.68 | 9.45 | 13.26 | 9.60 | 24.34 | 25.87 | 23.60 | 20.66 | 17.05 | 18.38 | 12.92 | 13.61 | 14.88 | 14.10 |
| Total Operating Expenses | 10.15 | 10.51 | 14.32 | 15.87 | 10.25 | 10.03 | 14.34 | 18.34 | 24.67 | 19.54 | 48.13 | 52.85 | 51.40 | 53.12 | 39.12 | 36.29 | 31.48 | 26.13 | 26.81 | 27.61 |
| Operating Income | (10.22) | (10.28) | (14.23) | (15.85) | (10.10) | (10.49) | (15.29) | (17.30) | (24.16) | (19.87) | (48.30) | (52.41) | (51.20) | (52.89) | (38.99) | (36.29) | (31.48) | (26.13) | (26.81) | (27.61) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | 3.61 | 3.44 | 3.25 | 3.26 | 3.37 | 2.92 | 3.70 | 1.59 | 0.01 | 0.01 | 0.01 | 0.02 |
| Net Income | (12.69) | (12.54) | (30.91) | (19.19) | (7.25) | (10.86) | (13.65) | (8.30) | (26.79) | (22.26) | (50.49) | (53.51) | (52.80) | (54.81) | (41.80) | (37.67) | (31.47) | (26.12) | (26.81) | (27.62) |
| Basic EPS | (0.54) | 0.40 | (2.18) | (2.45) | (1.50) | (22.11) | (0.32) | (0.21) | (0.87) | (0.76) | (1.72) | (1.83) | (1.84) | (1.96) | (1.49) | (1.35) | (1.12) | (0.90) | -- | -- |
| Diluted EPS | (0.54) | 0.40 | (2.18) | (2.45) | (1.50) | (22.11) | (0.32) | (0.21) | (0.87) | (0.76) | (1.72) | (1.83) | (1.84) | (1.96) | (1.49) | (1.35) | (1.12) | (0.90) | -- | -- |
Cash Flow Statement
(in millions USD)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 | Q2
2021 |
|---|
| Operating Cash Flow | (11.81) | (14.21) | (18.79) | (12.57) | (12.04) | (14.81) | (16.34) | (23.17) | (17.71) | (26.86) | (37.58) | (38.21) | (52.35) | (38.64) | (31.19) | (33.10) | (32.41) | (19.93) | (20.20) | (22.38) |
| Capital Expenditures | 0.00 | 0.00 | 0.00 | 0.00 | -- | -- | -- | -- | -- | 0.00 | 0.00 | 0.02 | -- | 0.00 | 0.00 | 0.02 | 0.12 | 0.01 | 0.02 | 0.10 |
| Free Cash Flow* | (11.81) | (14.21) | (18.79) | (12.57) | -- | -- | -- | -- | -- | (26.86) | (37.58) | (38.23) | -- | (38.64) | (31.19) | (33.12) | (32.53) | (19.94) | (20.22) | (22.48) |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | -- | -- | -- | -- | -- | 0.00 | 0.00 | (0.02) | -- | 0.00 | 0.00 | (0.02) | (0.12) | (0.01) | (0.02) | (0.10) |
| Financing Cash Flow | 0.23 | 5.65 | 37.53 | 0.14 | 13.20 | 4.28 | 0.45 | 5.30 | 26.63 | 2.12 | 0.00 | 0.25 | 24.15 | 0.05 | 30.05 | 66.14 | -- | 0.00 | 0.07 | 101.52 |
* Derived from reported values
